“Poninkivska Cardboard and Paper Mill-Ukraine (PCPM-Ukraine, Khmelnytsky region), a major Ukrainian corrugated cardboard producer, increased its corrugated packaging output by 22% in January-May 2024 compared to the same period in 2023, to almost 39 million square meters.
According to Ukrpapir Association statistics provided to Interfax-Ukraine, the plant is now one of the top three producers of corrugated packaging after Kyiv Cardboard and Paper Mill and Trypillia Packaging Plant.
Over the five months, the company also increased production of containerboard by 6.7% to 30.9 thousand tons, and produced 1.6 times more paper – 0.42 thousand tons versus 0.26 thousand tons a year earlier.
In monetary terms, in January-May, PCBF-Ukraine produced products worth UAH 1 billion 064 million (+14.2%).
As reported with reference to the data collected by the association from the main enterprises of the industry, the production of paper and cardboard in Ukraine increased by 6.1% compared to the same period in 2023 – up to 240.4 thousand tons, cardboard boxes – by 21.4%, to 237.7 million square meters.
Poninkivska Paper Mill (formerly Poninkiv Cardboard and Paper Mill), once the largest producer of school notebooks, now has one main production line – paper and cardboard, producing mainly corrugated cardboard and corrugated packaging, as well as wrapping and waste paper.
The plant is part of the United Cardboard Company-Ukraine (UCC, Lutsk) owned by businessman Mykola Lobov, whose production assets include, among others, Lutsk KBF-Ukraine (Volyn region), which produced 26.6 thousand tons of various cardboard (16.4% more) and 19.3 million square meters of corrugated boxes in five months (according to UkrPapir).
As reported, in 2023, PCBF-Ukraine produced products worth almost UAH 2 billion 450 million, up 3% year-on-year. Net profit increased 2.7 times to UAH 27 million.
Cryptocurrencies have been rising in popularity in recent years, with crypto ownership growing from 432 million to 580 million in 2023 alone, according to Crypto.com. While many countries have tried to regulate and suppress the technological advances, others have accepted and supported the growth of these new industries. Argentina topped the list as the world’s most crypto-friendly country, with a large percentage of the population holding crypto and offering some of the best conditions for miners and traders alike.
Research by crypto experts at CryptoCasinos analysed 10 metrics to determine which countries across the globe have adopted crypto more so than any others, making them the most crypto-friendly nations.
The metrics chosen are the percentage of the population holding cryptocurrency, the cost and profit of mining one bitcoin, and search volume per 100,000 population for crypto-related keywords. The data also includes the percentage share of each country’s traffic to each of the major crypto exchanges Binance, Coinbase, BitFinex, Kraken, Kucoin and OKX.
Countries with the highest rates of crypto adoption
| Rank | Score/100 | Country | Percentage of population holding crypto | Cost to mine one bitcoin ($) | Profit mining one bitcoin | Search volume per 100k |
| 1 | 74.49 | Argentina | 9.7% | 14,647 | 51,261 | 667.4 |
| 2 | 73.52 | United States | 15.6% | 87,885 | -21,977 | 1,014.2 |
| 3 | 72.89 | Colombia | 5.0% | 68,355 | -2,447 | 424.0 |
| 4 | 72.77 | Ukraine | 10.6% | 19,530 | 46,378 | 491.8 |
| 5 | 70.76 | United Arab Emirates | 30.4% | 39,060 | 26,848 | 1,415.2 |
| 6 | 70.07 | Vietnam | 21.2% | 39,060 | 26,848 | 353.6 |
| 7 | 69.10 | Turkey | 5.6% | 39,060 | 26,848 | 695.8 |
| 8 | 68.48 | Canada | 7.0% | 53,707 | 12,201 | 1,204.3 |
| 9 | 67.47 | Singapore | 11.1% | 107,415 | -41,507 | 1,750.2 |
| 10 | 66.49 | Pakistan | 6.6% | 19,530 | 46,378 | 187.3 |
Argentina is the most crypto-friendly country. One in ten (9.7%) of the country’s population holds cryptocurrency, over triple the global average of 3%. The low energy costs make it a perfect place to mine Bitcoin, costing an estimated $14,647 to mine 1 Bitcoin, meaning a profit of $51,261 (based on a BTC price of $65,908). Argentina also has one of the highest amounts of traffic (6.3%) to Binance (the world’s largest crypto exchange).
America has a high percentage of the population holding a cryptocurrency, with 15.6%. However, higher average energy costs mean it costs more to mine Bitcoin in certain parts of the States ($87,885). Americans visited Coinbase over 48 million times in March, making up 59% of the website traffic. The US also made up 23.3% of the traffic to Kraken, showing the US is actively embracing crypto and investing through these exchanges.
Colombia ranks third for crypto adoption; the rise in blockchain activity is partly due to the depreciation of the Colombian Peso over the past few years (as reported by Bloomberg in 2022); crypto offers wealth protection from depreciating currencies. 5% of the population holds crypto, and Colombians make up 5.8% of the global web traffic for the largest exchanges, which is on par with many of the other countries in this list.
Ukraine is the fourth most crypto-friendly state. Over 10% of the population holds cryptocurrency, and mining costs are particularly cheap, averaging around $19,530 per bitcoin. Based on the price previously stated, this would mean the profit would be $46,378. Ukraine also makes up 4.8% of the web traffic to Binance, the world’s largest crypto exchange.
The United Arab Emirates ranks fifth for crypto adoption worldwide, with the largest percentage of the population holding crypto at 30.4% (The average across all countries is 3%), only Vietnam comes close with 21%. Search volume for crypto-related terms is one of the highest with 1,415 searches per 100,000 of the population. The UAE has been fostering a robust and flexible ecosystem to attract business and drive forward technological innovation, making the nation a frontrunner in digital adoption, as reported by Forbes in 2023.
Vietnam, ranking sixth, has continued to witness its economy becoming more digitised in the last decade, becoming one of the world’s most crypto-adopted nations and is currently one of Asia’s most crypto-friendly countries. 20 million (21.2%) of the population hold cryptocurrencies. Vietnam drives 4.9% of the web traffic to crypto exchange OKX and 6.3% to Binance.
Turkey ranks seventh for crypto adoption, which could be since the Turkish lira has, at times, proven to be more volatile than bitcoin. Turkey’s inflation rate surpassed 83% in 2022 and is around 67% currently. Due to this, over 4.8 million (5.6%) of the population choose to hold crypto. Turkey makes up 6.6% of the web traffic to Binance, and mining operations may be slightly cheaper, with an average cost of $39,060 per Bitcoin.
Canada is eighth in this ranking for crypto adoption. 7% of the nation currently hold crypto, and there are 1,204 searches for crypto-related keywords every month per 100,000 of the population. Canada is also responsible for 8.4% of website traffic to Kraken.
Singapore ranks ninth for crypto adoption. Having earned a reputation as one of the key financial centres in the world, it is unsurprising that Singapore has begun to establish itself as a global cryptocurrency hotspot. 11.1% of the population owns cryptocurrency, and there are 1,750 searchers per 100,000.
Pakistan is the tenth most crypto-adopted nation, with 15.8 million crypto holders (6.6% of the population). Mining costs are also low, averaging around $19,530 per Bitcoin, which would be a profit of $46,378.
A spokesperson from CryptoCasinos commented:“Global crypto adoption represents a seismic shift in how we perceive and interact with many industries, especially finance. It’s not just about currencies; it’s about reshaping economies, empowering individuals, and democratizing access to financial services on a scale never seen before.
However, as crypto continues to become adopted worldwide, challenges and complexities around regulatory uncertainties, security concerns, and volatility have created hurdles that must be navigated as the world embraces cryptocurrencies.
Yet, despite these challenges, our research clearly shows that momentum is building across key nations in Europe and Asia as well as North and South America. Crypto is being embraced by people, businesses and governments alike, as the potential of these technologies is being discovered.”
| Rank | Score/100 | Country | Population holding crypto (%) | Cost to mine one bitcoin ($) | Profit mining one bitcoin | Search volume per 100k |
| 1 | 74.49 | Argentina | 9.7% | 14,647 | 51,261 | 667.4 |
| 2 | 73.52 | United States | 15.6% | 87,885 | -21,977 | 1,014.2 |
| 3 | 72.89 | Colombia | 5.0% | 68,355 | -2,447 | 424.0 |
| 4 | 72.77 | Ukraine | 10.6% | 19,530 | 46,378 | 491.8 |
| 5 | 70.76 | United Arab Emirates | 30.4% | 39,060 | 26,848 | 1,415.2 |
| 6 | 70.07 | Vietnam | 21.2% | 39,060 | 26,848 | 353.6 |
| 7 | 69.10 | Turkey | 5.6% | 39,060 | 26,848 | 695.8 |
| 8 | 68.48 | Canada | 7.0% | 53,707 | 12,201 | 1,204.3 |
| 9 | 67.47 | Singapore | 11.1% | 107,415 | -41,507 | 1,750.2 |
| 10 | 66.49 | Pakistan | 6.6% | 19,530 | 46,378 | 187.3 |
| 11 | 66.25 | India | 6.5% | 34,177 | 31,731 | 89.8 |
| 12 | 66.21 | Saudi Arabia | 11.4% | 24,412 | 41,496 | 205.7 |
| 13 | 66.09 | Brazil | 12.0% | 97,650 | -31,742 | 289.8 |
| 14 | 66.03 | Venezuela | 10.3% | 83,002 | -17,094 | 550.1 |
| 15 | 66.01 | France | 4.7% | 102,532 | -36,624 | 891.2 |
| 16 | 65.67 | Nigeria | 5.9% | 24,412 | 41,496 | 132.9 |
| 17 | 64.69 | South Africa | 10.0% | 73,237 | -7,329 | 186.0 |
| 18 | 64.61 | United Kingdom | 5.7% | 229,477 | -163,569 | 1,263.9 |
| 19 | 64.49 | Malaysia | 2.9% | 24,412 | 41,496 | 398.2 |
| 20 | 64.12 | Thailand | 9.6% | 53,707 | 12,201 | 229.8 |
| 21 | 64.02 | South Korea | 4.1% | 43,942 | 21,966 | 211.1 |
| 22 | 64.01 | Philippines | 13.4% | 87,885 | -21,977 | 257.2 |
| 23 | 62.91 | Mexico | 6.5% | 48,825 | 17,083 | 166.4 |
| 24 | 62.54 | Germany | 5.8% | 253,890 | -187,982 | 636.6 |
| 25 | 62.53 | Australia | 2.7% | 107,415 | -41,507 | 1,271.0 |
| 26 | 62.49 | Poland | 2.9% | 87,885 | -21,977 | 720.9 |
| 27 | 61.34 | Indonesia | 4.4% | 48,825 | 17,083 | 133.5 |
| 28 | 61.33 | Egypt | 3.0% | 14,647 | 51,261 | 75.2 |
| 29 | 61.07 | Netherlands | 2.8% | 166,005 | -100,097 | 1,478.0 |
| 30 | 60.56 | Taiwan | 2.4% | 43,942 | 21,966 | 362.3 |
| 31 | 60.36 | Spain | 3.1% | 180,652 | -114,744 | 774.4 |
| 32 | 60.07 | Georgia | 2.4% | 39,060 | 26,848 | 2,452.8 |
| 33 | 59.25 | Switzerland | 2.0% | 112,297 | -46,389 | 1,177.9 |
| 34 | 59.22 | Portugal | 2.7% | 131,827 | -65,919 | 1,161.0 |
| 35 | 59.20 | Cambodia | 3.4% | 73,237 | -7,329 | 242.4 |
| 36 | 59.20 | Japan | 4.1% | 122,062 | -56,154 | 153.9 |
| 37 | 59.11 | Algeria | 2.2% | 19,530 | 46,378 | 165.1 |
| 38 | 58.65 | Iraq | 1.9% | 4,882 | 61,026 | 77.4 |
| 39 | 58.29 | Russia | 6.1% | 29,295 | 36,613 | na |
| 40 | 58.06 | Sri Lanka | 1.9% | 19,530 | 46,378 | 641.2 |
| 41 | 57.30 | Chile | 2.1% | 83,002 | -17,094 | 484.8 |
| 42 | 57.01 | Ecuador | 3.8% | 48,825 | 17,083 | 266.4 |
| 43 | 56.71 | Bangladesh | 2.5% | 24,412 | 41,496 | 125.6 |
| 44 | 56.43 | Kyrgyzstan | 1.7% | 4,882 | 61,026 | 122.9 |
| 45 | 56.31 | Ghana | 2.2% | 14,647 | 51,261 | 142.3 |
| 46 | 56.08 | Kenya | 5.1% | 83,002 | -17,094 | 153.7 |
| 47 | 56.02 | Italy | 2.5% | 224,595 | -158,687 | 553.6 |
| 48 | 55.85 | Nepal | 4.6% | 19,530 | 46,378 | 100.3 |
| 49 | 55.69 | Serbia | 1.8% | 43,942 | 21,966 | 538.5 |
| 50 | 55.47 | Romania | 1.7% | 83,002 | -17,094 | 590.2 |
In January-May 2024, Kokhava Paper Mill (KBF, Lviv region), which produces sanitary paper products, increased its production by 45.1% year-on-year to UAH 678.9 million, according to statistics from Ukrpapir Association.
Earlier, in the first four months of the year, the company’s production growth rate was 38.2% compared to the same period in 2023.
According to the data provided to Interfax-Ukraine, in physical terms, the production of the base paper for sanitary products increased by 27% to 22.1 thousand tons.
Production of toilet paper in rolls increased by 4.6% to 58.2 million units. KBF is confidently ranked second in terms of its output after Kyiv pulp and paper mill.
As reported, in October last year, Kokhava Pulp and Paper Mill put into operation a paper machine for the production of pulp base paper (previously, it produced only waste paper-based products). To organize such production in 2021, the CF raised EUR 13.8 million in a loan from the European Bank for Reconstruction and Development (EBRD).
Operating since 1939, the Kokhavynske Paper Mill produces base paper for sanitary and hygiene products, as well as toilet paper and paper towels. Before the new machine was put into operation, the mill had two paper machines with a total capacity of 40 thousand tons of base paper per year.
In 2023, the factory increased its production by 18% compared to 2022, to UAH 1 billion 151.2 million, and its net profit increased 2.7 times to UAH 137 million.
Import changes in % to previous period in 2023-2024
Source: Open4Business.com.ua and experts.news
Novus Ukraine LLC, which operates the Novus hyper- and supermarket chain, is suspending the Novus.online delivery service on June 18 and redirecting all orders to Zakaz.ua, the company’s press service reports.
“Covid-19 was the impetus for the birth of a new project – the Novus.online delivery service. We have achieved considerable success, and there is much to be proud of. However, today’s realities have made their own adjustments – now it is important for us to focus on the development of the network in order to continue to ensure the smooth operation of stores and invest in critical areas. That is why Novus.online will suspend operations from June 18 and redirect all orders to our partner Zakaz.ua,” the company said on Facebook.
Novus Ukraine LLC was established in 2008, the same year the first Novus supermarket in the country was opened. As of June 2024, the chain in Ukraine has more than 80 Novus and 17 Mi Markets.
The Novus supermarket chain is developed by BT Invest (Lithuania), a company established in 2008 by former Sandora shareholders Raimondas Tumenas and the late Igor Bezzub.
According to Opendatabot, as of July 2021, the owner of Novus Ukraine with a 100% stake in the authorized capital was Consul Trade House CJSC (Vilnius, Lithuania). The ultimate beneficiaries are Marina Poznyakova, Agne Ruzgienė, and Raimondas Tumenas.
According to the company’s financial results, in 2023, its revenue increased by 47% to UAH 23.6 billion, while its net loss decreased by 87% to UAH 310.7 million.
Oil prices are declining slightly on Tuesday after a 2 percent rise in the previous session amid a general increase in risk appetite in global markets.
The cost of August futures for Brent on the London ICE Futures exchange, as of 7:20 a.m., is $84.12 per barrel, which is $0.13 (0.15%) lower than at the close of the previous trading. On Monday, these contracts rose by $1.63 (2%) to $84.25 per barrel.
Futures for WTI for July in electronic trading on the New York Mercantile Exchange (NYMEX) fell by $0.16 (0.2%) to $80.17 per barrel. At the end of the previous session, the value of these contracts increased by $1.88 (2.4%) to $80.33 per barrel.
“Since mid-June, oil prices have been steadily rising on the back of US data,” said Fawad Razakzada, StoneX analyst. – “Last week’s market rise can be considered a delayed reaction to the OPEC+ decision to extend the current restrictions on oil production.
“Investors are also expecting fuel demand to increase with the start of the automotive season, which will push oil inventories lower in the coming weeks,” Razakzada said, as quoted by Market Watch.
